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J72Rose
New Member

Venmo transactions

Hello,

 

My grad school daughter and two college roommates recently rented an apartment together. The roommates are sending my wife and I their share of the rent via Venmo, and then we are writing a check to the landlord. This is because the landlord only wants a single check every month. Are we going to be taxed on receiving these Venmo payments that are above $600 every month? If so, we need to find a new arrangement for paying the rent....

 

Thanks in advance!

2 Replies
TomD8
Level 15

Venmo transactions

Since you are providing a service to your daughter and her roommates at no charge, there is no income for you to report.  If you were to charge them a fee or commission for your services, the fee or commission would be reportable income.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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